Nifty which was expected to go down has gone up and heading towards Nov-2010 high.
The chart above is giving us clear view of upside potential at current level.
The Elliott wave count is giving us indication that wave 5 have started and the level to which it can go can be calculated at well.
Wave 1 was around 580 points.
Now if we assume that wave 5 will be equal to wave 1 then next tgt will be 6400.
What if nifty reversed from between and what can be that levels??
| Fibonacci | Points | Levels |
| 23.60% | 137 | 5959 |
| 38.20% | 222 | 6044 |
| 50.00% | 290 | 6112 |
| 61.80% | 358 | 6180 |
| 78.60% | 456 | 6278 |
| 100% | 580 | 6402 |
Keep an eye on this levels and any "one day reversal key" can be seen at this levels.
This is my personal views, consult your advisor before investing!!!
sir are these levels of spot nifty & day closinglevels, thanks.
ReplyDeleteYes.
DeleteRinkesh Sir,
ReplyDeleteThanks for the update.In short NO LOOKING BACK TILL NIFTY SPOT TOUCHES 6400.Am I right?
Market can reverse from any levels...
DeleteKeep an eye on the closing of Nifty if on anyday if we see engulf candlestick pattern or a one day reversal pattern den we should be cautious about market.
As u saw nifty made a high of 6042 on 7th jan.
Similarly remaining level are also a resistance level.
Support for medium term is 5950.
Regards
Rinkesh Jain